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171.A virtual corporation refers to a permanent network of firms linked by high-tech communication systems.

172.A virtual corporation is a networked organization made up of replaceable firms that join the network and leave it as needed.

173.Benchmarking requires organizations to compare each organizational function against the best in the world.

174.Competitive benchmarking rates an organization's products and operations against the industry average.

175.Competitive benchmarking compares a company's practices, processes, and products against others in its industry, with the goal of doing it better than the competition.

176.The functions that a company can perform as well as or better than anyone else in the world are known as that firm's optimized capabilities.

177.An organization's core competencies are those functions that the firm performs as well as or better than anyone else in the world.

178.If a particular function is one of a firm's core competencies, it typically performs this function itself rather than outsourcing it to another organization.

179.Assigning various functions that a firm might do for itself to outside organizations is known as competitive allocation.

180.Outsourcing involves assigning various functions to outside organizations.

 

 

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